Jim Rosica
The state’s Office of Financial Regulation went live Thursday with a new check cashing database aimed at fighting fraud.
Check cashing businesses now will have to enter a range of information on any check of $1,000 or more, or on anyone cashing more than $1,000 in checks per day, OFR spokeswoman Jamie Mongiovi said.
Identifying information, for instance, includes a copy of a photo ID, such as a driver’s license, and a thumbprint of the person cashing the check.
All licensed check cashers are required to use the database no later than Oct. 1, Mongiovi said.
The database is result of a law passed in 2013 to prevent financial fraud.
Veritec Solutions LLC designed, built and will maintain the database, according to records. It also built a database to regulate the state’s payday lending industry.
For details on the check cashing database, click here. For a copy of the law, click here.
